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Mr. X buys an asset of Rs. 1000/- in cash and with it get an
free gold coin what is the general entry for this?
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Answer Posted / Sanchit Kumar Aluna
The general journal entry for this transaction would be as follows: (1) Debit Cash (Rs. 1,000), (2) Credit Asset Account - Purchased Asset (Rs. 1,000), and (3) Credit Asset Account - Gold Coin (Fair Value of Gold Coin).
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